Walmart Finance Chief Expects India's Flipkart, PhonePe To Be Worth $100B Businesses

At a Wednesday investor conference, Walmart Inc WMT CFO John David Rainey voiced expectations for India's Flipkart marketplace and PhonePe payments business to reach $100 billion in value.

The retailer flagged the two businesses as key drivers in doubling the gross merchandise volume it sells in foreign markets to $200 billion in five years, Reuters reports.

In its most recent quarter ended April 30, Walmart said its Flipkart business generated double-digit sales growth, backed by new shoppers in some cities and a 50% jump in ad sales. Flipkart was worth over $40 billion in 2022.

Walmart also called PhonePe's performance "really impressive" after it hit an annualized payment value of $1 trillion, led by the Unified Payments Interface.

PhonePe controlled a 46% share of the payments market in December, according to the National Payments Corporation of India. In March, Walmart boosted that business by investing an additional $200 million at a pre-money valuation of $12 billion.

Price Action: WMT shares traded lower by 0.17% at $158.61 premarket on the last check Thursday.

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